Singapore is well-known as a top business destination, thanks to its strong economy and attractive tax benefits. Because of this, many business owners and investors see it as a great place to set up a business. If you’re thinking about starting a physical or online business in Singapore, you’ll need to work closely with two main government agencies: the Accounting and Corporate Regulatory Authority (ACRA) and the Inland Revenue Authority of Singapore (IRAS). A detailed guide to learn more about the difference between ACRA and IRAS and why you need to work with these important things.
ACRA is the authority that regulates public accountants and businesses in Singapore. It is often called the Registrar of Companies because its main role is to manage the lifecycle of businesses. ACRA handles the registration of new companies, monitors existing ones, and ensures proper closure when a business shuts down.
ACRA also oversees financial reporting and supports business operations. If companies don't meet their legal obligations, ACRA can issue penalties or court summons, especially when a business fails to comply with the requirements under the Companies Act.
BizFile+ is ACRA's online filing portal that allows companies to submit applications and documents. Previously called BizFile, it was launched in 2004 to help businesses upload, access, and manage their data in Singapore. Today, BizFile+ offers over 300 services online.
Having these services readily available makes it much easier to do business in Singapore. Companies can use BizFile+ to send documents to ACRA and find information about other businesses. Here are some services you can access through BizFile+:
IRAS is the government agency in Singapore that is responsible for the regulation of enterprise disbursement schemes and the administration of taxes. Its principal role is to collect tax revenue through an extensive set of varying taxes. Aside from this, the institution also assists the Singapore government in matters related to tax legislation, tax treaties, and economic research with respect to the impact of new and existing taxes on the economy of the country.
Among the primary functions of IRAS is to perform audits and other procedures that are designed to ensure the accuracy of all the tax returns filed by taxpayers (both individuals and business organisations). It also oversees the management of different digital platforms intended to facilitate tax-related procedures in Singapore, including the myTax Portal. Like ACRA, IRAS has the power to impose penalties, specifically for non-payment or late payments of corporate income tax and errors in tax returns.
IRAS provides a range of digital services to simplify tax reporting for individuals and businesses. These platforms connect with other government databases like CorpPass or SingPass to verify user identities and keep records up to date.
The main digital platform is the myTax Portal, which is easy to use and allows individuals and organizations to complete various transactions. Here are some key functions available on myTax Portal:
Read more on the importance of IRAS to your company.
While ACRA and IRAS both work with businesses, they have different roles and responsibilities. ACRA mainly focuses on registering and overseeing businesses in Singapore, whereas IRAS ensures that all businesses pay their taxes correctly. Both agencies are essential for Singapore's economic success.
If you need help with accounting services for small businesses in Singapore to meet ACRA and IRAS requirements, Clooud Consulting is here to assist you! We are a trusted provider of corporate secretarial services, offering everything from business incorporation and secretarial support to accounting and corporate tax filing. Our services can help ensure your business's long-term financial success.
Contact us today to learn more about how Clooud can support your business!
Singapore has become one of the top destination for investors looking to start a business, thanks to its business-friendly environment and strong support for startups. The government offers various grants and funding opportunities to help new businesses grow in their early stages. Below is a guide to the different types […]
Non-profit organisations (NPO) play a crucial role in helping communities, supporting those in need, and offering essential services in Singapore. Since they manage public donations, government grants, and other funds, they must ensure they are using these resources responsibly. One key way to ensure this is through regular audits. Audits […]
What is Seamless Filing? As part of Singapore’s Smart Nation initiative, ACRA and IRAS have worked with accounting software providers to create a digital solution that helps SMEs stay competitive and efficient. This seamless filing solution allows SMEs to automate the preparation and submission of their tax and annual returns […]
In today’s dynamic business environment, maintaining robust financial operations is essential for sustainable growth. The Enterprise Development Grant (EDG) offers significant support to businesses in Singapore, especially for improving financial management systems and internal controls. At Clooud Consulting, we specialize in providing expert advisory on EDG applications, helping businesses streamline […]
Xero’s recent purchase of Syft Analytics is a big move to help small businesses get better financial insights. By adding Syft’s cloud-based tools, Xero plans to improve its services, making it easier for businesses to understand their finances and make smarter decisions. What is Xero? Xero is a cloud-based accounting […]
In today’s fast-changing business world, companies of all sizes need to invest in strategies that help them adapt, improve productivity, and stay profitable. One effective way to do this is through outsourcing. Outsourcing involves hiring outside experts to handle specific business tasks, like accounting, payroll, and taxes, instead of doing […]
Every business has one main goal: to make more profit. Without a finance expert, a company might struggle to analyze what affects its profits. In this article, we will explain what CFO services in Singapore are and how they can help boost your company's profitability. Find out why your business […]
What is ApprovalMax ApprovalMax is an accounts payable (AP) automation software designed to streamline the approval processes for financial documents, such as invoices and purchase orders. It is particularly useful for businesses looking to enhance their financial controls and reduce manual errors in their accounting workflows. Key Features of ApprovalMax […]
Introduction – A Simple Guide to Writing a Will for Singaporeans Planning your estate in Singapore can seem complicated, but it’s an important step to take, no matter the size of your estate. By creating a will, you ensure that your assets go to the right people when you're no […]
What does generative AI mean to you? Is it just a fun tool that creates text, images, and videos? Or is it a powerful sales technology with many practical uses? If you think it's just the first option, you're missing out. While there’s a lot of buzz about generative AI, […]
